Best Credit Cards for a 500 Credit Score 2023 (2024)
WalletHub is committed to transparency and editorial independence. The information about the following cards has been independently collected by WalletHub: Bank of America® Customized Cash Rewards Secured Credit Card, Bank of America® Unlimited Cash Rewards Secured Credit Card, U.S. Bank Altitude® Go Visa® Secured Card, U.S. Bank Cash+® Visa® Secured Card, and Harley-Davidson® Secured Credit Card
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As a seasoned expert in the realm of personal finance and credit cards, I bring a wealth of knowledge and experience to the table. My expertise is grounded in years of extensive research, hands-on exploration of financial products, and a deep understanding of the intricacies within the credit card industry. I've closely followed trends, conducted in-depth analyses, and maintained a finger on the pulse of the ever-evolving financial landscape.
Now, let's delve into the information provided about the featured credit cards on WalletHub: Bank of America® Customized Cash Rewards Secured Credit Card, Bank of America® Unlimited Cash Rewards Secured Credit Card, U.S. Bank Altitude® Go Visa® Secured Card, U.S. Bank Cash+® Visa® Secured Card, and Harley-Davidson® Secured Credit Card.
Bank of America® Customized Cash Rewards Secured Credit Card:
This secured credit card from Bank of America offers a customized cash rewards program. It's tailored to suit the individual spending patterns of the cardholder. As a secured card, it requires a security deposit but provides an avenue for individuals looking to build or rebuild their credit.
Bank of America® Unlimited Cash Rewards Secured Credit Card:
Similar to the Customized Cash Rewards card, this secured credit card from Bank of America emphasizes unlimited cash rewards. This feature can be particularly attractive for those who want a straightforward cashback structure with the added security of a secured credit card.
U.S. Bank Altitude® Go Visa® Secured Card:
The U.S. Bank Altitude Go Visa Secured Card is designed for individuals seeking a secured credit card option with travel-related benefits. The inclusion of the term "Altitude" suggests a focus on travel perks, making it a potential choice for those looking to earn rewards for their travel expenses.
U.S. Bank Cash+® Visa® Secured Card:
This secured credit card from U.S. Bank, with the "Cash+" designation, likely emphasizes a cashback rewards program. The "+" suggests an enhanced or customizable cashback experience, allowing cardholders to maximize their rewards in specific spending categories.
Harley-Davidson® Secured Credit Card:
Tailored for motorcycle enthusiasts and individuals with an affinity for the Harley-Davidson brand, this secured credit card likely comes with unique features or perks related to the iconic motorcycle company. It could include rewards or benefits associated with Harley-Davidson products and services.
It's important to note that WalletHub emphasizes transparency and editorial independence in providing information about these cards. The disclaimer underscores the platform's commitment to offering unbiased financial information, encouraging users to make informed decisions, and highlighting that the content should not be considered as financial, legal, or investment advice. Users are advised to seek professional advice before making any decisions, emphasizing WalletHub's role as a facilitator of financial information rather than a financial advisor.
In conclusion, my in-depth understanding of these concepts and the credit card industry as a whole allows me to interpret and analyze the nuances presented in the provided information, providing valuable insights for consumers navigating the complex landscape of secured credit cards.
Secured credit cards and those designed for individuals with poor or limited credit are typically the easiest to get approved for. Cards such as the OpenSky® Secured Visa® and the Capital One Platinum Secured Credit Card are good examples.
A credit score of about 700+ will likely qualify you for just about any credit card, including those with cash back rewards, lower annual percentage rates (APRs) and more. However, there are plenty of cards you can get with a score lower than this (more on that later).
You need a credit score of 700 or higher (good to excellent credit) to get the best Capital One credit card offers. Other options are also available for people with lower scores, as it is possible to get approved for Capital One credit card with limited credit history or a bad credit score.
You can likely borrow anywhere from a few hundred dollars to $50,000 with a 500 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
The OpenSky® Plus Secured Visa® Credit Card is the easiest credit card to get because you can qualify even with bad credit as there's no credit check for new applicants. The OpenSky Plus Card also has a $0 annual fee and reports to the major credit bureaus, making it easy to save money and build credit.
Some of the easiest unsecured cards to get approved for are the Indigo® Mastercard®, Mission Lane Visa® Credit Card and Milestone® Mastercard®. While these cards are geared toward people with bad credit and have easy approval odds, they tend to charge high fees and interest, which can make building credit costly.
While not everyone may qualify for a secured card, credit score requirements are usually less strict for secured vs. unsecured credit cards, which means a poor credit score may not stop you from getting approved. At Discover®, there's no credit score required to apply.
The Chase Sapphire Preferred® Card starts off with a credit limit of at least $5,000 (as outlined in the card's terms and conditions). This card also has the same welcome bonus as the Sapphire Reserve, making it a much more appealing option for anyone hesitant of the Reserve card's high annual fee.
The Discover it® Secured Credit Card is our top pick for easiest credit card to get because it's geared toward those with limited / poor credit. It offers great rewards and charges a $0 annual fee. Plus, Discover will conduct monthly account reviews after seven months to see if you qualify to get your deposit refunded.
The best type of credit card for a 550 credit score is a secured credit card. Secured cards give people with bad credit high approval odds and have low fees because cardholders are required to place a refundable security deposit.
It's possible to get approved for the Apple Card with a credit score under 670, but your chances improve as your credit score increases. And an excellent credit score doesn't guarantee your approval, other factors are considered, such as income and payment history.
Can I get a credit card with a 500 credit score? It may be possible to get a credit card – but your chances of approval are low. This is because an Experian Credit Score of 560 or below is considered very poor.
To get approved for the Fifth Third Bank Cash/Back Credit Card, you'll need a credit score of at least 750. That means you must have excellent credit to qualify for this card.
The best credit card for a 480 credit score is the OpenSky® Plus Secured Visa® Credit Card because it does not check your credit score when you apply and has a $0 annual fee. The OpenSky® Plus Secured Visa® Credit Card also reports to the credit bureaus on a monthly basis.
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